Income tax return must be filed by persons in every year. Aapka consultant offers you an easy process for filing income tax return.

What is Income Tax Return ?

The law states that tax returns must be filed every year for an individual or business that received income during the year, whether through regular income (wages), dividends, interest, capital gains or other sources. It does not depend upon the fact that whether tax has already been deducted at source by his/her employer or not. If the return shows excess tax has been paid during a given year, the assesse is eligible for a ‘tax refund’, subject to the department’s interpretations and calculations.

Income-tax returns are annexure less. Hence, there is no need to enclose any document(s) along with the return of income.

Note: However, documents like TDS certificate, balance sheet, Profit & Loss A/c, Capital A/c, proof of investments, etc., documents should be retained and have to be produced before the Assessing Officer whenever he requires us to do so.

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FAQ

Advance tax needs to be paid by all those who have income other than salary and having tax liability of more than rs. 10,000. When a person has income only from salary then he is not required to pay any Advance Tax as his employer deducts TDS from his payments.

Refund is the amount of difference if any between the tax liability as per the ITR and the TDS deducted from your salary/receipts. You are eligible for claiming a refund from the IT department only when you file the return of income. This is also known as claiming your TDS credits from the government.